Question

Calculate the total revenue, marginal revenue and average revenue schedules in the following table. Market price of each unit of the good is Rs 10.

Quantity Sold	TR	MR	AR
0
1
2
3
4
5
6

Answer 1

Quantity Sold	TR = P x Q	MR = TRn - TRn - 1	AR = 10
0	-	-	-
1	10 x 1 = 10	10 - 0 = 10	10
2	10 x 2 = 20	20 - 10 = 10	10
3	10 x 3 = 30	30 - 20 = 10	10
4	10 x 4 = 40	40 - 30 = 10	10
5	10 x 5 = 50	50 -40 =10	10
6	10 x 6 = 60	60 -50 =10	10